Although cryptocurrencies are becoming increasingly popular in the Arab world, trading in major currencies such as Bitcoin and Ethereum is still less than we would expect. For example, according to the Chainalysis 2023 report, the UAE and Saudi Arabia are the most active Arab countries in this field. The UAE alone accounts for about 25% of the digital trading volume in the Middle East, while Saudi Arabia contributes 18%. But surprisingly, the most popular global cryptocurrencies, such as Bitcoin and Ethereum, represent a small part of this trading.

In the UAE, Bitcoin does not exceed 12% of digital trading volume, while Ethereum ranges between 8-10%. Many investors seem to prefer altcoins that are tied to local projects or new technologies such as DeFi and smart contracts. In countries such as Egypt and Morocco, while the use of digital currencies is rapidly increasing, people are more inclined towards stablecoins such as USDT due to their stable value and peg to the dollar. Here, Bitcoin and Ethereum account for less than 5% of trading, perhaps due to concerns about large fluctuations in their value.

This disparity suggests that there is a greater need to raise awareness about the importance of major cryptocurrencies and create a more flexible regulatory environment that allows people to trade safely and confidently. With some effort in this direction, we could see a significant increase in the use of Bitcoin and Ethereum in the Arab world.

#write2earn #BinanceMenaSquare #binancemena #BTCPredictedNewATH